Half Yearly Report

RNS Number : 0065Y

Marechale Capital PLC

15 December 2010

 



15 December 2010

Marechale Capital plc

("Marechale" or the "Company")

Interim Results

Marechale Capital plc today announces its unaudited interim results for the six months ended 30 September 2010.

Chairman's Statement

Marechale has had an encouraging start to the current year and I am pleased to report its return to profitability in the six months to September 2010.

Marechale operates as a corporate finance advisory and capital fund raising business focusing on fundraising for growth companies and funds in 3 key sectors: renewable energy, leisure and infrastructure.  Marechale runs a low cost business model working with its associates on a profit share basis.  Marechale has had a high success rate of executing and completing projects the Company takes on.   This is due to Marechale's due diligence process prior to taking on a new client and its proprietary investor relationships.

In the six month period to 30 September 2010, Marechale has completed 9 transactions which have generated sufficient cash fees to achieve a small profit.  Corporate finance projects include advising a major private equity house on the refinancing of a retail business and advising an international shipping business on a co-operation agreement with a Scandinavian investment group.  In the leisure sector, Marechale has completed development capital projects ranging from a fundraising of £1.5m for a Southern based, managed pub business, Heartstone Inns 2 plc, from UK wealth managers and a fundraising of £5.9m for a private equity growth capital investment in an established restaurant group.

Marechale has also had success in the renewable energy sector forming 2 clean energy development companies which have benefitted from the UK's new Feed-in-Tariffs ("FIT").  Firstly, Marechale raised development capital for Future Biogas Ltd ("Future Biogas"), an anaerobic digestion biogas business.  The development capital has funded Future Biogas's first site and the company is awaiting planning permission for future sites.  Marechale has, secondly, formed and funded a new solar development company based in the South West of the UK, West Country Renewables Ltd. 

The above projects resulted in Marechale generating commission and advisory fees, warrants and founder equity which strengthen Marechale's balance sheet and could result in significant future gains for shareholders.

Marechale has a healthy pipeline of engaged corporate finance projects for the second half of the year, including entering the intermediary market with the planned launch of a new renewable fund for consented FIT plants, a new Venture Capital Trust, as well as a further fund raising for Heartstone Inns 2 plc.

Whilst market conditions are still challenging, the growing pipeline of businesses seeking funding and an increasing appetite amongst our client base to invest in high quality investment opportunities provide us with confidence for trading next year.

The Board continues to consider a number of acquisitions and investments in potentially complementary fund management or financial services businesses.

We hope to give you further positive updates on Marechale after the March 2011 year end.

Shareholders can get up to date information on Marechale on the Company's website www.marechalecapital.com, and a new website will be launched shortly.

Mark Warde-Norbury

15 December 2010

For further information please contact:

Marechale Capital Mark Warde-Norbury / Patrick Booth-Clibborn	Tel: [phone]
Smith & Williamson Corporate Finance Azhic Basirov / David Jones	Tel: [phone]

Marechale Capital PLC
Income Statement (unaudited)
Six months ended 30th September 2010
				30 Sept	30 Sept
				2010	2009
Continuing operations
Revenue				299,658	-
Cost of sales				(25,343)	-
Gross profit				274,315	-
Administrative expenses				(264,935)	(315,160)
Operating profit/ (loss)				9,380	(315,160)
Investment revenues				646	1,748
Other gains and losses				-	(1,408)
Profit/ (loss) before tax				10,026	(314,820)
Corporation tax charge				-	-
Profit/ (loss) for the period on continuing operations				10,026	(314,820)
Loss for the period on discontinued operations* Profit/ (Loss) for the period Earnings per share				- 10,026	(58,353) (373,173)
Basic and diluted	47,437,410 shares (2009:42,741,106)			0.02p	(0.87p)
* On 14th September 2009 the AIM Broking and PLUS Adviser businesses and associated assets were sold to Whim Gully Capital LLP for a consideration of £200,000.
Marechale Capital PLC
Balance Sheet (unaudited)
As at 30th September 2010
				30 Sept	30 Sept
				2010	2009
Non current assets
Property, plant and equipment				-	15,929
Current assets
Available for sale investments				67,707	110,614
Trading investments				-	6,089
Trade and other receivables				144,848	241,037
Cash and cash equivalents				294,156	541,153
				506,711	898,893
Total assets				506,711	914,822
Current liabilities
Trade and other payables				(94,682)	(132,179)
Corporation tax				-	19,281
Total current liabilities				(94,682)	(112,898)
Net assets				412,029	801,923
Equity
Capital and reserves attributable to equity shareholders
Share capital				2,371,872	2,137,055
Share premium account				1,177,452	1,177,452
Revaluation reserves				28,324	36,773
Other reserves				(50,254)	683,591
Retained earnings				(3,115,365)	(3,232,948)
				412,029	801,923
Cash Flow Statement (unaudited)
Six months ended 30th September 2010
				30 Sept	30 Sept
				2010	2009
Net cash from operating activities
Operating profit/ (loss) from continuing operations				9,380	(315,160)
Depreciation				-	21,000
Operating loss from discontinued operations				-	(58,353)
Share based payments re discontinued operations				-	80,000
Operating cash flows before movements in working capital				9,380	(272,513)
Movement in working capital
(Increase)/ decrease in receivables				(81,874)	91,960
(Decrease)/ increase in payables				(23,428)	(30,963)
				(105,302)	60,998
Operating cash flow				(95,922)	(211,515)
Investment activities
Interest receivable				646	1,749
Proceeds on disposal of trading investments				-	(1)
Proceeds on disposal of available for sale investments				-	-
Expenditure on tangible fixed assets				-	-
Expenditure on trading investments				(10,000)	-
Cash flow from investing activities				(9,354)	1,748
Financing
Issue of share capital				-	-
Interest payable				-	-
Cash flow from financing activities				-	-
Net increase/(decrease) in cash and cash equivalents				(105,276)	(209,767)
Cash and cash equivalents at start of period				399,432	750,921
Cash and cash equivalents at end of period				294,156	541,153
Increase/(decrease) in cash and cash equivalents				(105,276)	(209,767)

This financial information has been in accordance with IFRS and International Financial Reporting

Interpretations Committee ('IFRIC') interpretations adopted by the European Union, and with those

parts of the Companies Act 2006 applicable to companies reporting under IFRS, with the prior periods

being reported on the same basis.

 

END

 

 

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